How to Open a Barbershop Business (Checklist) - The SMB Guide

[Pages:2]How to Open a Barbershop Business (Checklist)

1. Do Market Research __ a. Survey consumers __ b. Research economic studies __ c. Study competitors __ d. Analyze the demographics of your target market __ e. Pass out samples __

2. Create a Business Plan __ a. Executive summary __ b. Business description __ c. Market analysis __ d. Organization management __ e. Sales strategy __ f. Funding needs __ g. Financial projections __

3. Secure Financing __ a. Attract investors __ i. Sell equity in your business __ ii. Secure a private loan from friends or family __ b. Apply for a loan __ i. Meet with a lender __ ii. Fill out the application form __ iii. Provide collateral and your credit history __ iv. Sign a loan agreement after approval __

4. Create a Legal Entity __ a. Choose your legal structure __ b. Register with your State __ c. Get an Employer Identification Number (EIN) __

5. Find Office/Retail Space __ a. Determine if you really need a space __ b. Calculate costs __ i. Find out what's in your budget __ ii. Total utilities _ iii. Total technology costs __ iv. Total rent and maintenance __ c. Shop around __

This How to Open a Barbershop Business checklist was created by The SMB Guide.

6. Purchase Insurance __ a. Find out what type of insurance your business needs __ b. Find a provider or agent __ c. Purchase a policy __

7. Hire Employees __ a. Write a job description __ b. Post on a job board __ c. Review applications and resumes __ d. Interview candidates __ e. Check references __ f. Send a job offer __ g. Fill out the mandatory IRS forms __

8. Develop Business Relationships __ a. Join a chamber of commerce or business association __ b. Attend networking events __ c. Ask for meetings with suppliers __

9. Brand and Advertise __ a. Craft your brand __ i. Write an elevator pitch __ ii. Find out who your customers are __ iii. Decide what kind of brand personality you want to have __ iv. Determine what you want people to associate your brand with __ b. Connect with customers through advertising __ i. Set up email marketing software __ ii. Set up SMS marketing software __ iii. Create social media accounts for your business __

This How to Open a Barbershop Business checklist was created by The SMB Guide.

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